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DERIVATIVE AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2021

DERIVATIVE AND HEDGING ACTIVITIES

Summary of location and fair value of derivative contracts

The following table summarizes the location and fair value amounts of all derivative contracts in the consolidated balance sheets as of December 31, 2021 and 2020 (in thousands):

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Derivatives not designated

​

​

​

​

​

​

​

​

as hedging contracts under

​

​

​

Asset derivative contracts

​

​

​

Liability derivative contracts

ASC 815

Balance sheet location

December 31, 2021

December 31, 2020

Balance sheet location

December 31, 2021

December 31, 2020

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commodity contracts

​

Current assets - assets from derivative contracts

​

$

1,383

​

$

8,559

​

Current liabilities - liabilities from derivative contracts

​

$

(58,322)

​

$

(22,125)

Commodity contracts

​

Other noncurrent assets - assets from derivative contracts

​

​

2,515

​

​

4,009

​

Other noncurrent liabilities - liabilities from derivative contracts

​

​

(7,144)

​

​

(4,291)

Total derivatives not designated as hedging contracts under ASC 815

​

$

3,898

​

$

12,568

​

​

​

$

(65,466)

​

$

(26,416)

Summary of the location and amounts of the Company's realized and unrealized gains and losses on derivative contracts

The following table summarizes the location and amounts of the Company’s realized and unrealized gains and losses on derivative contracts in the Company’s consolidated statements of operations (in thousands):

​

​	​	​	​	​	​	​	​	​
​	​	​	​	Amount of gain or (loss) recognized in
​	​	​	​	income on derivative contracts for the
​	​	​	​	​	​	​	​	​
Derivatives not designated	​	Location of gain or (loss)	​	​		​	​
as hedging contracts	​	recognized in income	​	Years Ended December 31,
under ASC 815		on derivative contracts		2021			2020
Commodity contracts:	​	​	​	​	​	​	​	​
Unrealized gain (loss) on commodity contracts	​	Other income (expenses) - net gain (loss) on derivative contracts	​	$	(47,721)	​	$	(6,143)
Realized gain (loss) on commodity contracts	​	Other income (expenses) - net gain (loss) on derivative contracts	​	​	(77,898)	​	​	44,902
Total net gain (loss) on derivative contracts			​	$	(125,619)	​	$	38,759

Schedule of open derivative contracts

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Instrument

​

2022

​

2023

​

2024

​

2025

​

​

2026

Crude oil fixed-price swap:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total volumes (Bbls)

​

​

2,504,249

​

​

1,937,165

​

​

1,388,920

​

​

988,260

​

​

29,810

Weighted average price

​

$

50.19

​

$

65.35

​

$

60.67

​

$

59.59

​

$

59.61

Crude oil basis swap:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total volumes (Bbls)

​

​

2,278,848

​

​

1,937,165

​

​

1,388,920

​

​

988,260

​

​

29,810

Weighted average price

​

$

0.47

​

$

0.25

​

$

0.23

​

$

0.16

​

$

0.10

Crude oil WTI NYMEX roll:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total volumes (Bbls)

​

​

2,286,598

​

​

1,937,165

​

​

1,388,920

​

​

988,260

​

​

29,810

Weighted average price

​

$

0.01

​

$

0.50

​

$

0.27

​

$

0.10

​

$

-

Natural gas fixed-price swap:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total volumes (MMBtu)

​

​

3,277,420

​

​

3,622,200

​

​

2,428,150

​

​

2,250,650

​

​

​

Weighted average price

​

$

3.60

​

$

3.34

​

$

3.05

​

$

2.95

​

​

​

Natural gas producer two-way collar:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total volumes (MMBtu)

​

​

2,963,124

​

​

1,389,500

​

​

1,078,000

​

​

315,000

​

​

​

Weighted average price (call)

​

$

3.07

​

$

5.05

​

$

4.58

​

$

3.88

​

​

​

Weighted average price (put)

​

$

2.66

​

$

3.41

​

$

3.00

​

$

3.00

​

​

​

Natural gas basis swap:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total volumes (MMBtu)

​

​

6,240,544

​

​

5,011,700

​

​

3,506,150

​

​

2,565,650

​

​

​

Weighted average price

​

$

(0.36)

​

$

(0.58)

​

$

(0.59)

​

$

(0.50)

​

​

​

Schedule of potential effects of master netting arrangements on the fair value of derivative contracts

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Derivative Assets

​

Derivative Liabilities

Offsetting of Derivative Assets and Liabilities

December 31, 2021

​

December 31, 2020

December 31, 2021

December 31, 2020

Gross amounts presented in the consolidated balance sheet

​

$

3,898

​

$

12,568

​

$

(65,466)

​

$

(26,416)

Amounts not offset in the consolidated balance sheet

​

​

(3,898)

​

​

(8,968)

​

​

3,898

​

​

8,968

Net amount

​

$

—

​

$

3,600

​

$

(61,568)

​

$

(17,448)

X

- Definition

Tabular disclosure of the location and amount of derivative instruments and non-derivative instruments not designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and non-derivative instruments designated and qualified as hedging instruments.

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- Definition

Tabular disclosure of derivative, other financial assets and other financial liabilities that are subject to offsetting, including master netting arrangements.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

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-Topic 815
-SubTopic 10
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Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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